Berkshire Hathaway ended Friday’s session in the green zone after announcing a record profit in the first quarter.
Its stock price jumped by 0.47% to $491,840.00 per share after posting a Q1 profit of $35.50 billion.
This latest data reflects gains from stocks such as Apple, while its higher investment income and rebound at Geico boosted operating results.
Also, Berkshire Hathaway sped the repurchases of its own stock, buying back $4.40 billion. Meanwhile, the company was paring its investments in other stocks, such as Chevron, wherein it is a major stockholder
The entity’s net income totaled $24,377 per Class A share, increasing from $5.58 billion or $3,784 apiece in 2022. That partly mirrored a 275 spike in Apple’s stock price, leaving Berkshire Hathaway with a $151 billion stake in the iPhone maker.
Its quarterly operating profit grew by 13% to $8.07 billion or roughly $5,561 per Class A share from $7.16 billion. These results benefited from Geico cutting a six-quarter series of losses.
Furthermore, its cash hoard improved by $2 billion in the first quarter to $130.60 billion as it sold $13.30 billion of stocks and purchased only $2.90 billion.
Warren Buffet Plans to Invest in Japan Instead of Taiwan
On Saturday, Berkshire Hathaway chairman and CEO Warren Buffet said that is more comfortable investing in Japan than in Taiwan.
His decision reflects the growing tensions between the United States and China in the area.
Besides, he contrasted his company’s recently increased investment in five Japanese trading houses with its recent turnaround in Taiwan Semiconductor Manufacturing Co.
Last year, Berkshire Hathaway invested over $4 billion in TSMC but sold most of it within only three months.
In recent months, the tension between the US and China has been simmering, with the market jitters that the latter might invade Taiwan.